Remedies

Question 1

1) Legal remedies

Answer 1

Money Damages ($$)

Question 2

2) Expectation Damages

Answer 2

(a) Put the π in position as if the Contracts had been performed (what the π expected to get)
(i) Formula
A (Contract Price) – (Money Received or Saved) + Costs

Question 3

3) Reliance Damages

Answer 3

(a) Put π in a position he would have been prior to the Contract
(b) Unreimbursed Costs
(c) No Expectation Damages

Question 4

4) Restitution:

Answer 4

(a) Getting back any value you already gave
(b) Contract Partially performed
(c) Measured by Market value of the service

Question 5

5) Consequential Damages

Answer 5

(a) Foreseeable costs because of breach

Question 6

6) Liquidated Damages

Answer 6

(a) Determined at time of Contract
(b) Enforced if reasonable
(c) Not a penalty

Question 7

7) Quantum Meruit

Answer 7

(a) The breaching party can recover
(i) (Reasonable value of services) – (Damages incurred)

Question 8

8) UCC Seller Damages

Answer 8

If buyer Breaches, seller can recover)
(a) Goods delivered & accepted = (K price)
(b) Some/No goods delivered = (K price) – (Market Value Price)
(c) Goods Resold = (K price) – (Resale Price)
(d) Additionally, incidental damages

Question 9

9) Lost Volume Seller

Answer 9

Car Dealers
(a) Can Recover
(i) (Expected Profit) + (Costs) – (Payments for resale)

Question 10

10) UCC Buyer Damages

Answer 10

(a) Purchased replacement goods = (K Price) – (Cost of new goods)
(b) NO Replacement goods = (K Price) – (Market Price at time of breach)
(c) (Incidental/Consequential Damages) – (Expenses Saved)
(i) Buyer can always get this if the seller breached

Question 11

A) Equitable Remedies

Answer 11

Specific performance
Injunction
Recission